Goldman Sachs turns its fortunes around

Nine months after being rocked by Wall Street's worse crisis since the great depression, US banking-giant Goldman Sachs has announced a better-than-expected second-quarter profit of $US 3.5 billion.

Transcript

PHILLIP LASKER, PRESENTER: Nine months after being rocked by Wall Street's worst crisis since the Great Depression, US banking giant Goldman Sachs completed a stunning turnaround.

Kicking off the American bank-reporting season, Goldman announced a better than expected two-quarter profit of $US 3.5 billion. The global financial crisis last year forced the company to accept $10 billion of Government loans - a debt now paid off.

Amid the chaos, Goldman raised $9 billion in capital, and underwent a radical conversion from an investment bank to a more conventional regulated bank.